{ "media_type": "text", "post_content": "Anyone have good strategies on convincing clients to do in-service 401k rollovers? I have many clients still working after 60 years old and I've never really tapped into this goldmine within my book.", "post_id": "59cd73551cccd6001714aae6", "reply_count": 18, "vote_count": 2, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

Anyone have good strategies on convincing clients to do in-service 401k rollovers? I have many clients still working after 60 years old and I've never really tapped into this goldmine within my book.

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DOL rule may bite ya. If you care about that sorta thing.

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What's the DOL? Is it important?

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Show them how you can better diversify with the options on your platform. If it’s right for the client, ask them if they would like to guarantee some of that at a market high? Then present an annuity as an option to lock in some of their gains and guarantee an income stream. I had several successes with that at Jones, and at LPL as well

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Simple strategy for navigating DOL and Rollovers. Ask the question, "What happens to your wife if you die with a 401k at an old employer? ...What happens to your wife if you die with assets in an IRA?" THAT should end the scrutiny of rolling assets OUT of a 401k at a company you don't even work for anymore.

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Ummm....OP must be terrible at sarcasm. If you work for Jones and don't know what the DOL is please call your regional leader ASAP

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^that alone is checkmate

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@Pru... TY.

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Ha, nothing. I've just never asked for the in-service transfer until I realize in a client appointment today what a big opportunity it is.

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Sarcasm...

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Running illustrative comparisons for them to take home and take a look at line by line, showing fees, growth, protection, and guarantees (or lack thereof) side by side, along with a simple piece of paper showing what their financial objectives are and how their current positions are dissatisfying those objectives and how your strategies satisfy them

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More investment options, usually lower fees, and avoid the plan admin costs as well. Better ability to manage the asset allocation.

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Roth conversion implementation

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@President... 👍🏼

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I'm struggling to see President's point.

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Tell them Dave Ramsey says they should always rollover their 401k’s 😁

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What have you been doing so far?

If it’s a client that I have a great relationship with, and we have a strategy that we have done for years, I bring the conversation up that way... I tell them that since they want to retire in 5 years that they should consider moving the funds over now so that we can include them in the strategy so that when they retire, they can hit the ground running.

@FA1... upon a former employees death, a SPOUSE has different options when she inherits an IRA vs. inheriting a 401k. Beyond that, do your homework, you'll remember better if you find the answer yourself.

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